Defined contribution plan

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on May 22, 2024, for Kentucky severe storms, straight-line winds, tornadoes, landslides, and mudslides, for the incident period of April 2, 2024.

The Department of Labor (DOL) recently released a regulatory package that includes a final amendment (the Retirement Security Rule) to the regulations that define what constitutes an investment advice fiduciary under the Employee Retirement Income Security Act of 1974 (ERISA) Title I and Title II (codified in the Internal Revenue Code).

The IRS has announced the postponement of certain tax-related deadlines for victims of Iowa severe storms and tornadoes.

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on May 17, 2024, for Texas severe storms, straight-line winds, tornadoes, and flooding, for the incident period of April 26, 2024, and continuing.

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on May 15, 2024, for Massachusetts severe storms and flooding, for the incident period of September 11 – 13, 2023.

The Department of Labor (DOL) has issued a regulatory package that includes an interim final rule that amends the regulations for abandoned plans that were initially created in 2006.

Senators Ted Budd (R-NC), Bill Cassidy (R-NC), Roger Marshall (R-KS), and Joe Manchin (D-WV) have announced they are introducing a resolution of congressional disapproval of the Department of Labor’s “Retirement Security Rule.”

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on May 14, 2024, for Iowa severe storms and tornadoes, for the incident period of April 26 – 27, 2024.

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on May 3, 2024, for Nebraska severe storms, straight-line winds, and tornadoes, for the incident period of April 25, 2024 – April 27, 2024.

The Internal Revenue Service (IRS) has released a set of frequently asked questions (FAQs) regarding rules for distributions from retirement plans and individual retirement arrangements (IRAs) under Section 331 of SECURE 2.0 for individuals affected by federally declared major disasters.